Concerns at the top despite high credit growth

CHINA ADVISORY - Report 22 Feb 2019 by Andrew Collier

Premier Li Keqiang warned about excessive credit growth in a meeting at the State Council this week. The January data would seem to confirm the excess growth. Li’s comments suggest conflict within the senior levels of government about the degree of monetary expansion. We just spent several days in Hangzhou speaking to administrators and local financial executives. There is concern – but modest – about the economy and credit growth. However, given the consistent public pronouncements and general monetary trends we still believe that credit increases will be modest.​

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